公用事业行业周报：盈利稳定性预期走强，电力资产防御属性凸显

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The report highlights the strengthening expectation of profitability stability in the utility sector, emphasizing the defensive attributes of power assets [2] - The report indicates that the public utility sector outperformed the broader market despite a decline, with key companies showing positive growth [5] - The report provides insights into coal inventory levels, electricity demand forecasts, and pricing trends, indicating a stable outlook for the sector [6][7][9] Summary by Sections Market Performance - As of February 2, the public utility sector declined by 4.46%, outperforming the Shanghai and Shenzhen 300 index, which fell by 4.63% [5] - Key companies in the sector, such as China General Nuclear Power and Guotou Power, showed positive growth rates [5] Industry Data Tracking - As of February 2, the six major power generation groups had coal inventories of 11.915 million tons, down 7.2% year-on-year, with a daily coal consumption of 844,000 tons, up 24.0% year-on-year [6] - The report notes a significant drop in coal prices, with Qinhuangdao Q5500 coal at 907 yuan/ton, down 20.8% year-on-year [6] Industry Dynamics - The China Electricity Council forecasts a 6% increase in total electricity consumption for 2024, with a projected installed capacity of 3 billion kilowatts from new power generation [7] - The report mentions that non-fossil energy sources will account for 57% of total installed capacity by the end of 2024, with wind and solar power installations surpassing coal [9] Investment Strategy - The report maintains a "Recommended" rating for power stocks, highlighting the defensive nature of electricity stocks in a sluggish market [9] - Specific recommendations include Huadian International, Guodian Power, and China Nuclear Power, based on stable profitability expectations [9]